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1. Company Snapshot

1.a. Company Description

McEwen Mining Inc.engages in the exploration, development, production, and sale of gold and silver deposits in the United States, Canada, Mexico, and Argentina.The company also explores for copper deposits.


It primarily owns a 100% interest in the Gold Bar mine in Eureka County, Nevada; the Black Fox gold mine in Ontario, Canada; the El Gallo Project and Fenix silver-gold project in Sinaloa, Mexico; the Los Azules copper deposit in San Juan, Argentina; and a portfolio of exploration properties in Nevada, Canada, Mexico, and Argentina.It also owns a 49% interest in the San José mine located in Argentina.The company was formerly known as US Gold Corporation and changed its name to McEwen Mining Inc.


in January 2012.McEwen Mining Inc.was incorporated in 1979 and is headquartered in Toronto, Canada.

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1.b. Last Insights on MUX

McEwen Mining's recent performance was positively driven by successful exploration efforts at its Gold Bar Mine Complex in Nevada. The company's integration of Lookout Mountain, Windfall, and Unity Ridge areas into its mine plan has potential to extend mine life and increase annual gold production. Recent drilling delivered strong intercepts, highlighting growth potential. The company's efforts to increase resources and transform the Gold Bar Mine Complex into a long-life asset are underway, setting the stage for meaningful mine life extension. Exploration success is a key positive driver.

1.c. Company Highlights

2. McEwen Mining Surges Forward: 2025 Earnings and Strategic Momentum

McEwen Mining delivered a robust 2025, turning a $43.7 million loss in 2024 into $34.4 million net income and a $0.961 EPS that eclipsed the staff’s $0.2403 estimate, while gross profit rose to $47.6 million. Revenue growth of 37.7% underpinned the turnaround, and the stock trades at a P/E of 41.85 and a P/S of 7.81, reflecting investor confidence in the company’s high‑margin expansion plans.

Publication Date: Apr -20

📋 Highlights
  • 2025 Financial Turnaround:: Full-year net income surged to $34.4 million (up from a $43.7M loss in 2024), with Q4 gross profit doubling to $17.4 million year-on-year.
  • Los Azules Feasibility Strength:: Project economics show $6.3B NPV and 30% IRR at $5.80/lb copper, up from $2.9B NPV and 19.8% IRR at $4.35/lb, with 30-year regulatory stability secured.
  • 2030 Growth Targets:: Aims to double precious metals production by 2030 via Grey Fox, Gold Bar, and San José (3.6M oz silver, 50% attributable to McEwen).
  • Copper Market Positioning:: Los Azules poised as a "next-generation" mine, aligned with AI, electrification, and renewables, with IPO plans to unlock $987M-valued McEwen Copper.

Profitability Upswing

The Q4 net income of $38.1 million, more than double the prior quarter, signals a decisive shift in operating efficiency, driven by higher metal prices and disciplined cost management across the San José and Stock mines.

Cash Flow & Balance Sheet

A strong $51 million cash reserve and improving free cash flow provide a cushion for internal financing of growth initiatives, including dividends from San José and future capital expenditures.

Los Azules: The Next‑Gen Copper Asset

Los Azules, now RIGI‑approved, boasts an after‑tax NPV of $6.3 billion and a 30% IRR at today’s $5.80 per pound copper price, positioning it as a generational asset that will underpin the company’s ambition to double precious‑metal output by 2030.

IPO & Funding Strategy

McEwen Copper is eyeing an IPO later this year, potentially unlocking $987 million in value and providing dedicated capital for Los Azules, while the parent company plans to fund growth internally through rising operational cash flow.

Strategic M&A & Junior Investments

Investments in juniors such as Goliath Resources broaden McEwen’s exposure to gold, silver, and copper, creating upside potential while the company remains open to accretive acquisitions that deliver high returns.

Capital Expenditure & Fox Complex

The 2026 cap‑ex budget focuses on the Fox Complex, allocating $100 million, predominantly to the Stock mine, to support production scaling and efficiency gains.

Technical Capabilities & Bench Strength

New hires and external consultants are expanding the firm’s technical expertise, strengthening the workforce needed to execute the ambitious exploration and development agenda.

Resource Update & Tartan

A pending resource update for Tartan is expected to deliver an accretion in ounces, reinforcing McEwen’s resource base and supporting future mine life extensions.

Paragon Laboratories Stake

With a 28% stake in Paragon, McEwen benefits indirectly from the company’s photon assay technology, which is gaining traction among industry leaders like Barrick, though the investment remains non‑dividend at present.

3. NewsRoom

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Successful Exploration Transforming McEwen's Gold Bar Mine Complex Sets the Stage for Meaningful Mine Life Extension

Dec -08

Source: globenewswire.com

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Recent Discovery at Froome Mine Expands Along Strike and Down-Dip; Drilling at Depth Shows Potential to Extend Mine Life: 7.7 gpt gold over 20.4 m & 23.5 gpt gold over 3.7 m (true widths)

Dec -04

Source: globenewswire.com

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Assessing McEwen (NYSE:MUX) Valuation Following Recent Double-Digit Share Price Surge

Oct -14

Source:

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McEwen Inc. and Canadian Gold Corp. Announce Arrangement Agreement

Oct -14

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McEwen Agrees To Acquire Canadian Gold In All-Stock Deal

Oct -14

Source:

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McEwen Inc. and Canadian Gold Corp. Announce Arrangement Agreement

Oct -14

Source: globenewswire.com

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What Makes McEwen (MUX) a New Buy Stock

Oct -10

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TNR Gold NSR Royalty Update - Los Azules Feasibility Study Confirms Economically Robust Copper Project With Leading ESG Performance

Oct -10

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.83%)

6. Segments

United States

Expected Growth: 4.83%

McEwen Mining Inc.'s 4.83% growth in the United States is driven by increasing gold prices, rising production at its Nevada-based Gold Bar Mine, and growing demand for precious metals. Additionally, the company's cost-cutting initiatives and exploration efforts in the region have contributed to its growth.

Canada

Expected Growth: 4.83%

McEwen Mining Inc.'s 4.83% growth in Canada is driven by increasing gold prices, favorable government policies, and strategic acquisitions. The company's focus on exploration and development of high-potential projects, such as the Gold Bar Mine in Nevada, also contributes to its growth. Additionally, McEwen's strong balance sheet and operational efficiency enable it to capitalize on opportunities in the Canadian mining sector.

Mexico

Expected Growth: 4.83%

Mexico operations at McEwen Mining Inc. drove 4.83% growth, fueled by increased gold and silver production at the El Gallo Mine, coupled with higher realized prices. Additionally, cost savings initiatives and improved operational efficiencies contributed to the growth.

7. Detailed Products

Gold

McEwen Mining Inc. is a significant producer of gold, with operations in the United States, Canada, and Argentina. The company's gold production comes from its Black Fox, San José, and Gold Bar mines.

Silver

McEwen Mining Inc. also produces silver as a by-product of its gold mining operations. The company's silver production comes from its San José mine in Argentina.

8. McEwen Mining Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for McEwen Mining Inc. is medium due to the availability of alternative metals and mining companies.

Bargaining Power Of Customers

The bargaining power of customers for McEwen Mining Inc. is low due to the company's strong market position and limited customer concentration.

Bargaining Power Of Suppliers

The bargaining power of suppliers for McEwen Mining Inc. is medium due to the company's dependence on a few key suppliers for equipment and services.

Threat Of New Entrants

The threat of new entrants for McEwen Mining Inc. is low due to the high barriers to entry in the mining industry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry for McEwen Mining Inc. is high due to the competitive nature of the mining industry, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 7.62%
Debt Cost 3.95%
Equity Weight 92.38%
Equity Cost 11.34%
WACC 10.77%
Leverage 8.25%

11. Quality Control: McEwen Mining Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
GoGold Resources

A-Score: 5.3/10

Value: 2.7

Growth: 8.1

Quality: 7.9

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
SilverCrest Metals

A-Score: 5.0/10

Value: 1.2

Growth: 9.9

Quality: 7.0

Yield: 0.0

Momentum: 7.0

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Gold Royalty

A-Score: 4.9/10

Value: 5.3

Growth: 7.2

Quality: 4.0

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
McEwen Mining

A-Score: 4.5/10

Value: 5.1

Growth: 6.1

Quality: 2.9

Yield: 0.0

Momentum: 10.0

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Aris Mining

A-Score: 4.1/10

Value: 2.1

Growth: 2.7

Quality: 5.1

Yield: 1.0

Momentum: 10.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Endeavour Silver

A-Score: 4.0/10

Value: 6.4

Growth: 3.2

Quality: 3.1

Yield: 0.0

Momentum: 9.5

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

29.38$

Current Price

29.38$

Potential

-0.00%

Expected Cash-Flows